The Fine Line Between Success and Failure: Entrepreneurship in Korea
Story by Jeffrey Kim, Junie Kah, and Jacqueline Choe
Edited by Jeffrey Kim
Design by Helaine Lee
Edited by Jeffrey Kim
Design by Helaine Lee
What does it take to succeed in today’s economy?
It’s a question that many students, managers and MBAs ponder about daily. In hyper-competitive economies like South Korea or the US, the idea of creating and leading a company to success without any external help might be risky and daunting to this generation’s entrepreneurs. Which advice would a successful CEO give to students considering degrees in business or founding a startup? Tiger News’ Jacqueline Cho sat down with Mr. Kim Woo-Taek for a candid interview. Mr. Kim is the CEO of Next Entertainment World Company, a successful media distribution company. The successful Korean films “Miracle in Cell #7” and “The Attorney” are some of the many films that NEW has distributed. In 2013, it earned $20 million in profits and controlled 18.1% of the market. But NEW wasn’t always as successful. “I invested my severance package funds to found a small company […] with two of my close friends, people who I had worked with in the past,” he says. “There were just three of us in the beginning. We didn’t have many employees, and we didn’t have a lot of money, either. Over the last few years, we got to overcome a number of challenges and went through a lot of the good and the bad.” But money and people aren’t always what matters the most in cultivating a company. “No matter who you are, you’re bound to face some difficulties in the early stages of entrepreneurship. It’s not easy - everyone’s trying to be ‘competitive’ or ‘the best.’ […] The most important quality a CEO needs to have is tenacity. You need tenacity in order to go through those difficult times. If you give up, there’s no second chance - giving up means no opportunity at all.” Mr. Kim also shared with us some information about how he was able to compete against large corporations that control the film industry. “So we asked ourselves, ‘In what ways is a small business competitive?’ If they are slow at making deals, then we have to be quick and responsive. If their relationships with their partners is impersonal, then we have to become more personal. “If you spend all your time worrying about the advantages they have, then you’re never going to be able to do anything.” |
Premiere poster for “Miracle in Cell #7”, a blockbuster comedy distributed by NEW.
Mr. Kim Woo Taek, the CEO of the media distribution company NEW. Photo by Jacqueline Cho. Next Entertainment World Company logo. Photo provided by NEW.
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